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 Shell and BP could also be caught in Russia regardless of exit plans, says TotalEnergies CEO
November 10, 2022

Shell and BP could also be caught in Russia regardless of exit plans, says TotalEnergies CEO

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UK and US oil majors equivalent to Shell and BP could also be caught with their property in Russia regardless of saying that they may go away the nation to protest the invasion of Ukraine, mentioned TotalEnergies chief govt officer Patrick Pouyanne.

“All people’s telling me that my Anglo-Saxon rivals are leaving,” Pouyanne mentioned on RTL radio on Wednesday. “None of my rivals has left Russia, and is aware of tips on how to go away Russia.”

Complete mentioned this week it could halt all purchases of Russian oil and merchandise as quickly as doable – and by the tip of 2022 on the newest. It ditched spot purchases of Russian provides on February 25, together with oil, petroleum, gasoline and LNG.

Shell and BP have mentioned they may stop Russia altogether, however up to now haven’t provide you with concrete steps on how they may obtain that. In contrast to its friends, TotalEnergies has mentioned it could hold its stakes in corporations and hydrocarbon initiatives within the nation, rejecting criticisms from Greenpeace and the Church of England.

TotalEnergies owns 19.4% of Novatek PJSC, Russia’s high producer of liquefied pure gasoline. It additionally has stakes within the Yamal LNG plant, the Arctic LNG 2 challenge that’s nonetheless beneath development, in addition to pursuits in different oil and gasoline fields. The French firm mentioned on Tuesday that it’s going to halt additional funding within the Arctic LNG 2 growth.

Altogether, it has invested virtually $13 billion in these Russian crops, and has no plan to promote them, Pouyanne advised RTL.

“These crops will proceed to work, whether or not I go away or not. If I pull out, I’ll give $13 billion to Russian for zero, as a result of no one desires to purchase these crops at this time,” Pouyanne mentioned. “Would you like me to desert property in Russia to counterpoint Russians whom we now have positioned beneath sanctions? I gained’t give in to it, as a result of that’s demagogy.”

TotalEnergies will cease shopping for Russian crude and diesel by the tip of the yr, when its contracts expire. With regards to long-term gasoline contracts, halting purchases unilaterally would imply Complete must pay billions of {dollars} in damages to Russian counterparties, until they’re positioned beneath authorities sanctions, Pouyanne mentioned.

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